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Case Study: Supporting front to back XVA framework

The emagine Risk team conducted a gap analysis to identify risks and issues across the wider programme. We identified the relevant stakeholders, set up working groups and project governance, updated documentation, and identified the teams delivering the solution.

 

The challenge

A top-tier bank required emagine’s Risk Practice to support and deploy programme management and SME resources for front-to-back XVA framework for a 3-year, $20m programme.

 

Actions and outcomes

The emagine Risk team conducted a gap analysis to identify risks and issues across the wider programme. We identified the relevant stakeholders, set up working groups and project governance, updated documentation, and identified the teams delivering the solution. We engaged with the internal Agile Competency Centre to provide training to the development departments, and provided scrum masters to the Front Office Development and Market Risk Quant teams.

  • Improved efficiency: An analysis of the business requirements for the XVA desk, including the XVA target operating model, its functional requirements and technology implications, was performed. This was complemented with a detailed assessment of external vendor solutions and internal build implementations from a selected number of tier 1 and tier 2 organisations.
  • Delivered on time: Recommendations on optimal solutions for the bank were provided, based on an agreed and consistent set of criteria, which covered aspects such as the systems architecture, design, features and requirements, the implementation ease and risks, the management and support requirements, and the resources, costs and implementation time-scales.
  • usiness outcome: The project required external expertise to analyse and document the business requirements of its XVA desk and assess the solutions available, whether vendor or internal build implementations, and their suitability for integration into the bank’s legacy architecture. The combination of emagine consultants’ financial markets methodology and technology experience was considered critical to the success of the project.

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